Electric vehicle maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the last year as even industry leaders struggle to lure more buyers beyond the early adapters of the technology.
Fisker Group Inc. said in a filing with the U.S. Bankruptcy Court in Delaware that its estimated assets are between $500 million and $1 billion. It estimated liabilities are between $100 million and $500 million, with between 200 and 999 creditors.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” the company said in a prepared statement late Monday. “After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
The quality was awful though, tons of issues with those cars. They might have been able to get through it if they had more money but they don’t.
They probably should’ve gone with simpler software and focused more on the fundamentals. Like they could be forgiven for not having all the self driving features at launch but an unreliable key is pretty bad.
I’m also not especially interested in EV startups at the moment. They could take decades to overtake big automakers, if ever. It’s the big automakers that need to be convinced to invest in EV production.